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Commentary
We live in strange times. The same people that vehemently defended massive deficit spending and money printing as the solution to the global economy now blame the turmoil of the UK bond and currency markets on a deficit-increasing budget.
I find it astonishing that not one of the so-called experts who have immediately placed the cause of the British market volatility on Prime Minister Liz Truss's budget have said anything about the collapse of the yen and the need for Bank of Japan intervention, which has been ongoing for two weeks. Why did so many people assume the Truss mini-budget was the cause of volatility when the euro, the yen, the Norwegian krone, and most emerging market currencies have suffered a similar or worse depreciation versus the U.S. dollar this year? What about the bond market? This is the worst year since 1931 for bonds all over the world, and the collapse in prices of sovereign and private bonds in developed and emerging market economies is strikingly similar to that of their UK fixed-income peers....